Discounted Cash Flow

Equinor ASA ADR

EQNR · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $45.9b $-2.9b $-3.2b -6.4% $-0.91
2017 $61.2b (33.4%) $4.6b (257.1%) $3.6b (214.3%) 7.5% (217.8%) $1.40 (253.8%)
2018 $79.6b (30.1%) $7.5b (64.2%) $8.3b (130.8%) 9.5% (26.2%) $2.27 (62.1%)
2019 $64.4b (-19.1%) $1.8b (-75.5%) $13.3b (59.8%) 2.9% (-69.8%) $0.55 (-75.8%)
2020 $45.8b (-28.8%) $-5.5b (-399.0%) $9.3b (-29.9%) -12.0% (-519.9%) $-1.69 (-407.3%)
2021 $90.9b (98.4%) $8.6b (255.4%) $28.5b (205.5%) 9.4% (178.3%) $2.64 (256.2%)
2022 $150.8b (65.9%) $28.7b (235.7%) $31.8b (11.7%) 19.1% (102.4%) $9.06 (243.2%)
2023 $107.2b (-28.9%) $11.9b (-58.7%) $19.1b (-39.9%) 11.1% (-41.8%) $3.93 (-56.6%)
2024 $103.8b (-3.2%) $8.8b (-25.9%) $14.1b (-26.2%) 8.5% (-23.5%) $3.12 (-20.6%)
2025 $106.5b (2.6%) $5.0b (-42.7%) $14.1b (-0.3%) 4.7% (-44.2%) $1.94 (-37.8%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model